Ratable Sharing of Collateral Sample Clauses

Ratable Sharing of Collateral. Each Secured Party acknowledges and it is the intent of the Secured Parties that the Security Interest granted by Debtor is evidenced by a single Security Agreement and each Secured Party hereby agrees (and each Secured Party hereby irrevocably advises and instructs Debtor to recognize) that each Secured Party shall participate in the percentage of the total amount of any Collateral and proceeds of the Collateral calculated by multiplying the Debtor’s total Obligations by each Secured Party’s Participating Interest in the Collateral as set forth on Exhibit A.
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Ratable Sharing of Collateral. Each Lender acknowledges (and each has irrevocably advised and instructed GCC to recognize) that the Collateral in which it has or acquires a security interest is identical and is intended to be co-extensive with the Collateral covered by the security interest of the other Lender and, with respect to gold and other precious metals contained in and recoverable from the ore concentrates, that such security interests remain through the stockpiling, shipping and smelting processes. It is the intent of the Lenders, and it is hereby agreed between the Lenders, that as between the Lenders each Lender shall participate in fifty percent (50%) of the total amount of Collateral and proceeds of the Collateral (including commingled contained gold in a given stockpile, shipment or batch) up to the aggregate amount of principal and interest owed to each of them pursuant to the TSVLP Note and the Globex Loan, respectively. Subject to the terms of this Agreement, the Lenders hereby agree jointly to pursue any rights and remedies that each may have and either may elect to initiate under their respective Collateral Documents in a manner that recognizes and respects the other Lender's pro-rata share of the Collateral in accordance with the terms of this Agreement and any proceeds from the disposition of the Collateral in the event either Lender exercises or enforces its rights to foreclosure or takes other remedial action as a secured party shall, subject to the terms hereof, be shared between them pari passu in equal proportions.
Sample 1
Ratable Sharing of Collateral. Each Lender acknowledges and it is the intent of the Lending Group that the obligations of the Borrower are evidenced by a single Senior Note and each Lender hereby agrees (and each Lender has irrevocably advised and instructed Borrower to recognize) that each Lender shall participate in a percentage of the total amount of any Collateral and proceeds of the Collateral calculated as the ratio of each Lender's participating interest in the Senior Note as set forth on Appendix A to this Agreement, (the "Participating Interest") to the total principal and interest owed at any time under the Senior Note.
Sample 1

Related to Ratable Sharing of Collateral

  • Special Collateral Account After an Event of Default has occurred -------------------------- and is continuing, all cash proceeds of the Collateral received by the Agent shall be deposited in a special deposit account with the Agent and held there as security for the Secured Obligations. The Agent shall invest any and all available funds deposited in such special deposit account, within five (5) business days after the date the relevant funds become available, in securities issued as fully guaranteed or insured by the United States Government or any agency thereof backed by the full faith and credit of the United States having maturities of three (3) months from the date of acquisition thereof (collectively, "Government Obligations"). The Assignor hereby acknowledges and agrees that the Agent shall not have any liability with respect to, and the Assignor hereby indemnifies the Agent against, any loss resulting from the acquisition of the Government Obligation and the Agent shall not have any obligation to monitor the trading activity of any such Governmental Obligations on and after the acquisition thereof for the purpose of obtaining the highest possible return with respect thereto, the Agent's responsibility being limited to acquiring such Governmental Obligations.

  • Loss of Collateral There occurs any uninsured loss to any material portion of the Collateral; or

  • Rights of Collateral Agent (a) The Collateral Agent may execute and effect any of its duties under the Security Documents by or through agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties.

  • Types of Collateral None of the Collateral consists of, or is the Proceeds of, As-Extracted Collateral, Consumer Goods, Farm Products, Manufactured Homes or standing timber.

  • Compromises and Collection of Collateral The Grantors and the Administrative Agent recognize that setoffs, counterclaims, defenses and other claims may be asserted by obligors with respect to certain of the Receivables, that certain of the Receivables may be or become uncollectible in whole or in part and that the expense and probability of success in litigating a disputed Receivable may exceed the amount that reasonably may be expected to be recovered with respect to a Receivable. In view of the foregoing, each Grantor agrees that the Administrative Agent may at any time and from time to time, if an Event of Default has occurred and is continuing, compromise with the obligor on any Receivable, accept in full payment of any Receivable such amount as the Administrative Agent in its sole discretion shall determine or abandon any Receivable, and any such action by the Administrative Agent shall be commercially reasonable so long as the Administrative Agent acts in good faith based on information known to it at the time it takes any such action.

  • Maintenance of Collateral Accounts Maintain any Collateral Account except pursuant to the terms of Section 6.6(b) hereof.

  • Control of Collateral Accounts To establish “control” of the Collateral Accounts by the Secured Party under Sections 9-104 and 9-106 of the UCC, the Financial Institution agrees to comply with any order or instruction from the Secured Party directing the deposit, withdrawal, transfer or redemption of the cash or other financial assets credited to a Collateral Account (a “Secured Party Order”) without the need for consent by the Grantor or any other Person.

  • Locations of Collateral (a) Properties Owned by the Grantor:

  • Application of Proceeds of Collateral Notwithstanding anything to the contrary in this Agreement, in the case of any Event of Default under Section 7.1(i), immediately following the occurrence thereof, and in the case of any other Event of Default: (a) upon the termination of the Revolving Credit Aggregate Commitment, (b) the acceleration of any Indebtedness arising under this Agreement, (c) at the Agent’s option, or (d) upon the request of the Majority Lenders after the commencement of any remedies hereunder, the Agent shall apply the proceeds of any Collateral, together with any offsets, voluntary payments by any Credit Party or others and any other sums received or collected in respect of the Indebtedness first, to pay all incurred and unpaid fees and expenses of the Agent under the Loan Documents and any protective advances made by Agent with respect to the Collateral under or pursuant to the terms of any Loan Document, next, to all principal, interest and fees owing under or in connection with the Revolving Credit (including the Swing Line), next to any obligations owing by any Credit Party in respect of any Hedging Obligations on a pro rata basis, next, to any other Indebtedness on a pro rata basis, and then, if there is any excess, to the Credit Parties, as the case may be.

  • Defense of Collateral, Etc The Company shall defend and enforce its right, title and interest in and to any part of: (a) the Pledged Property; and (b) if not included within the Pledged Property, those assets and properties whose loss could have a Material Adverse Effect, the Company shall defend the Secured Party's right, title and interest in and to each and every part of the Pledged Property, each against all manner of claims and demands on a timely basis to the full extent permitted by applicable law.

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